‘Precedent Setting’ Agreement Ends McDermott’s Billion-Dollar Colombian Refinery Dispute

An eight-year dispute over massive delays and cost overruns in the construction of a Colombian refinery all but ended late last week in a bankruptcy court in the Southern District of Texas.

In essence, the Houston-based McDermott International Ltd. resolved the dispute by surrendering 19.9 percent of its common equity to Refinería de Cartagena S.A.S. as part of a settlement package valued at more than $900 million.